Rate for producer inflation falls to 28.3 % in August 2023
Recent data from the Ghana Statistical Service, GSS, has revealed that the Producer Price Inflation (PPI) for the month of August, 2023 fell marginally to 28.3% from the 32.9% recorded in July 2023. Producer price inflation is the average prices of goods and services received by domestic producers for their production activities.
This represents a 4.6 percentage point decrease in producer inflation relative to the rate recorded in July 2023
According to data from the GSS, the electricity and gas, water supply, sewerage and waste management, transportation and storage and mining and quarrying recorded the rates above the national average while the Information and communication activity recorded the lowest rate of 11.0 percent in August 2023.
The construction sector however recorded an increase from 18.5 percent in July 2023 to 24.6 percent in August.
11 of the 23 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 23.5 %.The manufacture of pharmaceutical, medicinal chemical and botanical products recorded the highest inflation rate of 75.8% followed by the manufacture of textiles with 69.4 percent.
Source: Ghana Business
